Hilton Grand Vacations (HGV) marked its official spin-off from Hilton Worldwide and transformation into a full-fledged timeshare company earlier this month with an initial public offering.
Executives from the company were on hand to ring the bell on January 4 at the New York Stock Exchange as HGV began trading at slightly better than $25 a share. HGV was formed in 1992 and has grown to include some 47 resorts with more than 260,000 members.
Mark Wang—who first joined the company in 1999 and has been at the helm as president and CEO since 2008—talked about the benefits of the spin-off and IPO. “It’s really going to allow us to fully activate the business and accelerate our growth. We’ve had some great growth over the last seven or eight years. I think with our dedicated strategies and dedicated capital this should help us unlock and provide a full range of opportunities to accelerate our growth, so we’re excited about that,” he said. Source: